China Fund Management Limited for No Less Than RMB 4 Billion Investment Capital
HONG KONG, Oct. 20, 2011 /PRNewswire-Asia/ -- Ruifeng Petroleum Chemical Holdings Limited (stock code: 8096.HK, the "Company" or "Ruifeng") is pleased to announce that on 16 October 2011, it has entered into a strategic cooperation agreement (the "Agreement") with EU-China Fund Management Limited ("EU-China"), a financial service institution appointed by the Europe-China Culture & Economy Commission ("EUCNC") where EU-China is expected to invest no less than RMB 4 billion in Ruifeng within two years.
Ruifeng will raise the said capital by the form of private placement, convertible bond and other investment tools. The proceeds will go to expanding the Company's investment scale in Mainland China and Taiwan, including oil refinery, storage and harbor facilities.
EUCNC is established according to the law of Council of the European Union. EUCNC is a non-profit making organisation aiming at optimising the exchange between the European Union and China on different levels: culture exchange, business cooperation, economic and trade promotion. EUCNC applies itself to conduct cooperation between EU and China in many aspects, like economy, culture and trade. EUCNC serves for EU, Chinese and EU members' governments, as well as EU and Chinese enterprises, constructing a communication flat which holds principles of equality, openness, and mutual benefit.
Mr. Dennis Yu, Chairman of Ruifeng, said, "The Agreement is a recognition of Ruifeng's business from the market. With this Agreement, the Company could have more capital to further develop our oil transaction business, as well as introduce international investors to expand our shareholder base."
About Ruifeng Petroleum Chemical Holdings Limited
Ruifeng is listed on the Growth Enterprise Market of the Stock Exchange of Hong Kong Limited (stock code: 8096) and is principally engaged in (i) heavy oil and fuel oil processing, trading of fuel oil and related products, and leasing of storage tanks and related facilities to its customers; and (ii) the development and distribution of computer solutions and related products.
